Mobile Phone Insurance Market to Grow with a CAGR of 10.28% Globally through 2028
Increasing smartphone adoption and rising awareness of
the benefits of mobile phone insurance are factors driving the global mobile
phone insurance market in the forecast period 2024-2028.
According to TechSci Research report, “Global Mobile
Phone Insurance Market - Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Mobile Phone Insurance
Market stood at USD 28.42 billion in 2022 and is anticipated to grow with a CAGR
of 10.28% in the forecast period, 2024-2028. Global mobile insurance is a
burgeoning industry that provides coverage and protection for mobile devices
worldwide. With the widespread adoption of high-value smartphones, consumers
are increasingly recognizing the need to safeguard their investments against
accidents, theft, and damage. Mobile insurance policies offer peace of mind by
alleviating the financial burden associated with device repair or replacement.
Key drivers include the proliferation of smartphones, consumer awareness,
diverse distribution channels, and technological advancements. Notable trends
include on-demand insurance, value-added services, digital customer engagement,
and expanding coverage to emerging markets. As smartphones continue to play a
central role in daily life, global mobile insurance remains a vital safeguard
for consumers.
Growing consumer awareness about the fragility of
smartphones and the financial implications of repair or replacement has been a
catalyst for mobile insurance adoption. As consumers increasingly perceive
their smartphones as essential and expensive assets, the realization of
vulnerability to accidents and theft has prompted them to seek comprehensive
coverage. Mobile insurance providers have capitalized on this heightened
awareness by offering a wide range of coverage options that cater to diverse
consumer needs and budgets. From basic plans covering common risks to premium
packages that include extended warranties and enhanced protection, consumers
can choose the level of coverage that suits them best.
Mobile insurance is accessible through a variety of
distribution channels, further fueling its growth. Traditionally, mobile
carriers were primary providers, offering insurance as add-ons to mobile
contracts. However, third-party insurance companies have entered the market,
diversifying options and fostering competition. Smartphone manufacturers have
also joined the fray, offering branded insurance policies to customers. This
diversity in distribution channels has led to innovation in policy offerings, pricing
models, and customer service. Consumers now have the flexibility to select
insurance providers and plans that align with their preferences, ensuring a
more personalized and customer-centric experience.
Advancements in technology have not only driven the
growth of mobile devices but also influenced the mobile insurance landscape. As
smartphones incorporate cutting-edge features like biometric security and
advanced cameras, insurance policies have evolved to cover these enhancements.
Mobile insurance providers are also leveraging technology to offer enhanced
customer experiences. Mobile apps streamline policy purchases, claims
processing, and customer support, making the insurance process more convenient
and efficient. Additionally, data analytics and machine learning are employed
to better understand consumer behavior, enabling personalized recommendations
and pricing. Technological advancements thus enrich the overall insurance
experience and make insurance more accessible and appealing to consumers.
Within the global mobile insurance industry, certain
segments and trends stand out. One of the fastest-growing segments is insurance
for new phones. As consumers eagerly embrace the latest smartphone models, they
seek coverage to protect their significant investments in these cutting-edge
devices. This segment often includes features like rapid claims processing and
coverage for the latest technological advancements.
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On-demand insurance is another noteworthy trend.
Consumers increasingly seek flexibility and cost-effectiveness, leading to the
demand for pay-as-you-go or on-demand insurance options. These policies allow
users to activate and deactivate coverage as needed, paying only for the days
when their device is insured.
Furthermore, mobile insurance providers are expanding
their offerings beyond traditional coverage. They are becoming part of larger
ecosystems, collaborating with other service providers, and offering
value-added services. These may include extended warranties, device repair
services, tech support, or cybersecurity protection, creating a comprehensive
digital protection experience for customers.
The global Mobile Phone Insurance market is segmented
into phone coverage, coverage, distribution channel, end user, regional
distribution, and company.
Based on end user, the market is segmented into personal,
corporate.
The corporate segment is emerging as the
fastest-growing sector in the global mobile insurance market. As businesses
increasingly rely on mobile devices for productivity and communication, the
need to protect these assets has surged. Corporate mobile insurance provides
comprehensive coverage for company-owned smartphones and tablets, safeguarding
against accidents, loss, and theft. With the rising value of corporate mobile
assets and the importance of uninterrupted operations, businesses are
prioritizing insurance to mitigate financial risks. Insurance providers are
responding with tailored solutions, including group policies and streamlined
claims processing, to cater to the growing demand from corporate clients.
Major companies operating in Global Mobile Phone
Insurance Market are:
- Assurant, Inc.
- American International Group, Inc.
- Brightstar Corp.
- GoCare Warranty Group
- AT&T Inc.
- Digital Care sp. z o.o.
- SquareTrade, Inc.
- AmTrust Financial
- Asurion
- Taurus Insurance Services Limited
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“Global mobile insurance is a burgeoning industry that
provides coverage and protection for mobile devices worldwide. With the
widespread adoption of high-value smartphones, consumers are increasingly
recognizing the need to safeguard their investments against accidents, theft,
and damage. Mobile insurance policies offer peace of mind by alleviating the
financial burden associated with device repair or replacement. Key drivers
include the proliferation of smartphones, consumer awareness, diverse distribution
channels, and technological advancements. Notable trends include on-demand
insurance, value-added services, digital customer engagement, and expanding
coverage to emerging markets. As smartphones continue to play a central role in
daily life, global mobile insurance remains a vital safeguard for consumers,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Mobile
Phone Insurance Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Phone Coverage (New Phone, Refurbished), By Coverage
(Electronic Damage, Theft Protection, Virus Protection, Others), By
Distribution Chennel (Mobile Operators, Device OEMs, Retailers, Online,
Others), By End User (Personal, Corporate), By Region, Competition”,
has evaluated the future growth potential of global mobile phone insurance market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global mobile phone insurance market.
Contact
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Techsci Research LLC
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10170
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